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Elma industrial properties gain new owners

Two Buffalo investors have purchased a pair of Elma manufacturing properties with three buildings in all from two developers – one of whom is under federal indictment for alleged mortgage fraud.

Christian O. Gorino and John B. Collins paid $1.45 million through Maple Road Elma Holdings to buy the 2.6-acre parcel at 1221 and 1231 Maple Road in Elma, gaining 14,000 square feet of light industrial space. The sellers were David Ogiony's Camino Development and Patrick Ogiony's Ogiony Development.

Besides his development and construction business, Patrick Ogiony is managing director of Aurora Capital Advisors, a mortgage brokerage firm owned by Frank Giacobbe. Ogiony and Giacobbe, along with Kevin and Todd Morgan of Morgan Communities in Rochester, were indicted last year on 62 counts of bank and wire fraud, related to a scheme to trick banks into lending far more on apartment properties in New York and Pennsylvania than they were actually worth.

The property at 1221 Maple includes two buildings – one at the front with 6,540 square feet with a lease that continues for another year, and another in the rear with 2,960 square feet of space. The land at 1231 Maple has one building with 5,880 square feet, with a tenant that still has three years left on a lease.

All three are single-story buildings, with 90 percent production and warehouse space, and the remaining area for offices. All were built in 2014, with 18-foot ceilings, on-site parking, and both high- and low-grade loading doors.

Fake rent rolls, phony tenants: Charges shed light on alleged $167M mortgage fraud

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